Stock market investors: Can family members operate their demat accounts using a single mobile number? Here’s what SEBI says The rule will come into effect immediately. Know more about how you can use your number to continue operating demat accounts that are registered in the name of your family members
Can you use your mobile number to operate your family members’ demat accounts? Capital markets regulator Securities Exchange Board of India (SEBI) recently clarified that under exceptional circumstances, a stock broker can upload the same mobile number or email address for more than one client if the clients belong to the same family.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} A retail investor can use his number or email ID to operate his family members’ demat accounts under certain conditions. Family for this purpose would mean self, spouse, dependent children and dependent parents. SEBI said that this is possible only under certain circumstances and on the client's written request. This rule will come into force with immediate effect.
According to a SEBI circular on December 3, 2024, “Master circular states the following regarding uploading of mobile number and e-mail by stock brokers: Stock Brokers shall ensure that separate mobile number/email address is uploaded for each client. However, under exceptional circumstances, the stock broker may, at the specific written request of a client, upload the same mobile number / email address for more than one client provided such clients belong to one family. Family for this purpose would mean self, spouse, dependent children and dependent parents.”
Based on feedback from the Brokers' Industry Standards Forum (ISF), SEBI said, “it is further clarified that, under exceptional circumstances, the stock broker may, at the specific written request of a client, upload the same mobile number/Email address for more than one client provided such client belong to one family (in case of individual clients) or such client is the authorised person of an HUF (Hindu Undivided Family), Corporate, Partnership or Trust (in case of non-individual clients).”
Family or authorised person for this purpose shall include:
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a. In case of individuals, self, spouse, dependent children and dependent parents.
b. In case of HUF, Karta or any of the Co-parceners as per prior approval of Karta.
c. In case of partnership firm, any of the partners as per prior approval of all / authorised partners.
d. In case of a trust, any of the trustees or beneficiaries as per resolution passed by the trust.
e. In case of corporates, the authorised person operating the trading account as per the board resolution passed by the corporate.
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This story originally appeared on: India Times - Author:Faqs of Insurances
